Baku:The cryptocurrency market continues to face a downturn as major digital assets see a reduction in value over the past 24 hours. Bitcoin’s price has notably dropped below the $77,000 mark, as reported by APA-Economics.
According to Azeri-Press news agency, data from the CoinMarketCap platform indicates that Bitcoin has decreased by 2.21% over the past 24 hours, settling at $76,761.78. This marks a 3.61% decline over the past week and a 9.49% drop over the past 30 days.
In addition to Bitcoin, Ethereum’s value fell by 2.39% to $2,249.39, while BNB saw a decline of 2.58%, reaching $695.02. Zcash experienced the most significant fall, losing 11.37% of its value to reach $1,134.84. Other cryptocurrencies such as Bitcoin Cash, Bittensor, and Quant also recorded declines of 4%, 4.24%, and 3.85%, respectively.
Conversely, Monero’s value increased by 0.75% to $605.69. Gold-backed cryptocurrencies displayed positive trends, with PAX Gold (PAXG) rising 0.33% to $3,925.33 and Tether Gold (XAUT) increasing by 0.39% to $3,911.84.
The CoinMarketCap 20 index dropped by 2.40% over the past 24 hours to 155.66 points, while Bitcoin’s market capitalization fell to $1.54 trillion. Analysts attribute the decline to investors’ cautious stance on risky assets and mounting selling pressure, with the continuous devaluation of major cryptocurrencies indicating a persistent negative trend in the market.